{"id":2606,"date":"2025-10-02T10:00:38","date_gmt":"2025-10-02T10:00:38","guid":{"rendered":"http:\/\/www.xinetica.com\/?p=2606"},"modified":"2025-10-02T14:29:01","modified_gmt":"2025-10-02T14:29:01","slug":"wtw-introduces-parametric-policy-triggered-by-red-weather-warnings","status":"publish","type":"post","link":"http:\/\/www.xinetica.com\/index.php\/2025\/10\/02\/wtw-introduces-parametric-policy-triggered-by-red-weather-warnings\/","title":{"rendered":"WTW introduces parametric policy triggered by red weather warnings"},"content":{"rendered":"

Willis, a WTW business, has launched a first-of-its-kind parametric policy that triggers automatically when a Red Weather Warning is issued by the UK Met Office or Met \u00c9ireann, the Irish National Meteorological Service.<\/p>\n

\"WTWThe policy was developed in collaboration with Swiss Re Corporate Solutions, which will act as the insurer.<\/p>\n

Red Weather Warnings are issued only for the most severe weather that poses a high risk to life, damages property, and substantially disrupts travel.<\/p>\n

These warnings prompt organisations to take precautionary measures, which have a financial impact regardless of whether the event occurs.<\/p>\n

Traditional insurance policies generally respond only to physical damage caused by weather events and do not cover the costs of pre-emptive actions taken after warnings are issued.<\/p>\n

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\"Brit<\/a><\/div>\n<\/div>\n

What distinguishes this new parametric policy as a market-first is that coverage is triggered by the weather warning itself, rather than by an actual weather occurrence or its resulting damages.<\/p>\n

The policy structure has broad application, particularly across the hospitality sector, where events may be cancelled or facilities closed to guests as a result of a weather warning, regardless of whether the forecasted weather event actually occurs. Such closures can have significant financial implications, especially during peak periods like weekends or school holidays.<\/p>\n

Claire Wilkinson, Managing Director, Alternative Risk Transfer Solutions, Willis, said, \u201cBy triggering the parametric policy on the forecast rather than the event, the insured receives a pre-agreed payout that can cover lost revenue and operational costs due to actions taken in anticipation of weather-related disruption, even if the event does not manifest itself as was forecast. The parametric style of the policy provides a transparent basis of cover, rapid claims settlement and complete flexibility in the use of claims proceeds.\u201d<\/p>\n

Nina Arquint, CEO UK & Ireland at Swiss Re Corporate Solutions, added, “We are very pleased with the launch of this innovative solution for our UK- and Ireland-based clients as extreme weather events are increasingly impacting their businesses. I believe this also demonstrates that parametric insurances have established themselves well in the European markets and Swiss Re Corporate Solutions is committed to leveraging its expertise in this space to help close protection gaps.”<\/p>\n

The post WTW introduces parametric policy triggered by red weather warnings<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Willis, a WTW business, has launched a first-of-its-kind parametric policy that triggers automatically when a Red Weather Warning is issued […]<\/p>\n","protected":false},"author":1,"featured_media":1288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/2606"}],"collection":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/comments?post=2606"}],"version-history":[{"count":3,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/2606\/revisions"}],"predecessor-version":[{"id":2609,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/2606\/revisions\/2609"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media\/1288"}],"wp:attachment":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media?parent=2606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/categories?post=2606"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/tags?post=2606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}